About us

[su_tabs vertical=”yes”][su_tab title=”History of AIOD establishment”]Armenian Institute of Directors was founded in the last quarter of 2014, with advisory assistance of the International Finance Corporation.

Armenian Institute of Directors in its legal organizational form is a non-governmental organization, which aims to:

1 contribute to the establishment of Armenian companies’ Board of Directors
as their governing bodies and improvement of their productivity,
2 contribute to the improvement of professionalism, experience and status of
directors in Armenia,
3 assist the directors in matters related to their activities.[/su_tab] [su_tab title=”Mission and Vision”]AIOD’s mission
Institute of Directors’ mission is to promote role of the effective director and protect the interests of Armenian directors. The institute undertakes the role of the “intellectual leader” in the field of effective corporate governance that will serve for Armenia’s economic development and welfare of Armenian society.

AIOD’s vision
The vision is to become recognized leading Armenian organization of professional directors in national,regional and international levels.[/su_tab] [su_tab title=”AIOD Values”]1) Professionalism: the conditions necessary to join the Institute are high professional qualifications, experience and reputation. The Institute encourages its members’ efforts to
promote knowledge and skills.
2) Innovation: Institute encourages the demonstration of initiatives, the use of innovative,
creative and non-standard approaches, development of ideas.
3) Team work: Institute encourages the team decision-making, mutual aid, direct and open
communication, building a culture of mutual responsibility.
4) Trust: The institute is consistent in forming and strengthening its reputation as a reliable
organization. The Institute carries out its duties in good faith, reasonably, encourages proper
activity, care, prudence, sensitivity manifested by its members.
5) Transparency and accountability: The Institute is transparent in its decisions and actions.
It is accountable to its members and stakeholders and reveals current, complete, trustworthy
and adequate information about its activities on a regular basis. The institute provides the
identity of the information disclosed by various channels.
6) Respect: The Institute encourages the atmosphere for respect, pluralism and healthy
criticism, as well as the proper care of the Institute and its members to each other.
7) Diversity: The Institute refrains from racial, national, gender, age-related, marital status,
political preferences and other types of discrimination in relations with its members and stakeholders.
[/su_tab] [su_tab title=”AIOD Charter”]Download AIOD Charter[/su_tab] [su_tab title=”AIOD Committees Regulation”]Download AIOD Committees Regulation[/su_tab] [su_tab title=”Business Strategy and Plan”]Executive Summary

The Armenian Institute of Directors (AIOD) was established in the last quarter of 2014 with the advisory assistance of the International Finance Corporation. The organizational form of the Armenian Institute of Directors is a Non-Governmental Organization, which aims:

  • to promote the formation and increase of productivity of the Board of Directors of the Armenian companies as the governing body
  • to contribute the improvement of professionalism, experience and status of directors in Armenia,
  • to assist the directors in issues relating their activities.

This Strategic Plan defines:

  • The Institute’s mission and goals,
  • The Institute’s vision,
  • The Institute’s values,
  • The main benefits and advantages of the membership to the Institute,
  • The list of the main stakeholders of the Institute.

The Strategic Plan also contains issues about the services provided by the Institute, its management system, including risk management and reporting systems.

Glossary of Terms and Abbreviations

Corporate governance (CG) A complex of mechanisms of company’s management and control, with the help of which the company’s objectives, the ways to achieve these objectives and methods of controlling them are formed, the interests of the company and its stakeholders are balanced, aimed to inculcate and strengthen in society the principles of transparency and the rule of law.
Director 1) A member of the Board of Directors (Board) of the legal entity,

2) The sole executive body of the legal entity, his/her deputy,

3) A member of the collegial executive body of the legal entity,

4) The head of the territorial and structural subdivisions of the legal entity,

5) Corporate secretary,

6) Lawyer and compliance (internal monitoring) employee.

Board of Directors (Board)

The company’s management body, which assumes a company’s strategic guidance.

Stakeholder Any individual or organization that has an influence upon the Armenian Institute of Directors or is influenced by the Institute.
AIOD/Institute The Armenian Institute of Directors
WB World Bank.
IFC The International Finance Corporation
OSCE Organization for Security and Co-operation in Europe.
GIZ The German Federal Enterprise for International Cooperation.
USAID The United States Agency for International Development.
Member Member of the Armenian Institute of Directors
NGO Non-Governmental Organization
SME Small and medium sized enterprise
SOE State Owned Enterprise

Background

As part of the its Corporate Governance Program in Europe and Central Asia, the IFC involved and provided funding by an independent consultant Chris Pierce to facilitate the development of a strategy for the Armenian Institute of Directors.

The first meeting of the members of the Armenian Institute of Directors steering group took place on 30th September 2014. The purpose of the meeting was to develop a strategic plan for the AIOD, that:

  • sets the vision of the Institute and contributes the awareness of the AIOD in Armenia
  • ensures the effectiveness of Institute activities
  • promotes the provision of services by the Institute to directors and the business community.
  • promotes the projects that aim to increase the AIOD revenues and the number of members.

The meeting was led by Chris Pierce, CEO of Global Governance Services Ltd based in London. Chris is an international expert in strategic planning, facilitating solution provisioning and capacity building of director training organizations.

Based on the concept of strategy accepted by the participants of the meeting, steering group of the Institute has developed the Institute’s charter, which was confirmed by Institute’s founding assembly and submitted to state registration.

The Institute’s purpose, mission, vision, values, membership possibilities (benefits), main stakeholders of the Institute

The AIOD purpose

The Institute is aimed to support directors in adding value to their organisations with a particular focus upon improving the effectiveness of boards and board committees, and promote the professionalism of directors in Armenia.

The AIOD mission

The Institute of Directors mission is to promote the role of being an effective director and to protect Armenian directors’ interests. The Institute is a “thought leader” in effective corporate governance practices, which will serve to the economic progress and increase of welfare of Armenian society.

The AIOD vision

The Institute of Directors vision is to be nationally, regionally and internationally recognised as the leading organisation for professional Armenian directors.

The AIOD general goals:

  • To improve the effectiveness of boards in Armenia
  • To improve the professionalism, skills (by education and training) and status of Armenian boards of directors
  • To promote the respect through the role of director
  • To protect the rights of Armenian directors at a policy level

The AIOD values

  • Professionalism: the conditions necessary to join the Institute are high professional qualifications, experience and reputation. The Institute encourages its members’ efforts to promote knowledge and skills.
  • Innovation: Institute encourages the demonstration of initiatives, the use of innovative, creative and non-standard approaches and the development of ideas.
  • Team work: Institute encourages the team decision-making, mutual aid, direct and open communication, building a culture of mutual responsibility.
  • Trust: The institute is consistent in forming and strengthening its reputation as a reliable company. The Institute carries out its duties in good faith, reasonably, encourages proper activity, care, prudence, finesse manifested by its members.
  • Transparency and accountability: The Institute is transparent in its decisions and actions. It is accountable to its members and stakeholders and reveals current, complete, trustworthy and adequate information about its activities on a regular basis. The institute provides the identity of the information disclosed by various channels.
  • Respect: The Institute encourages the atmosphere for respect, pluralism and healthy criticism, as well as the proper care of the Institute and its members to each other.
  • Diversity: The Institute refrains from racial, national, gender, age-related, marital status, political preferences and other types of discrimination in relations with its members and stakeholders.

Benefits of membership

The benefits of membership include:

  • Be part of a network of members who want to promote good corporate governance and share best international business practices,
  • Keep up to date with the latest information on global trends – receive regular information updates and newsletters,
  • Priority booking and reduced rates for all training courses of the Institute,
  • Be part of a new culture of directorship and accelerate own professional development,
  • Meet with top international speakers and guests,
  • To participate in discussion forums, debates, seminars and conferences,
  • To be part of special members events,
  • Receive information and guidance services,
  • Automatically be included on the Directors’ Register kept by the Institute.

The main stakeholders of the AIOD

In order to map its stakeholders the Institute has divided the market according to the following criteria:

  • type of company (Listed, Governmental, financial, family and other company)
  • type of the board of directors (one-level, two-level, mixed)
  • type of the director (executive and non-executive / independent)
  • sector (commercial, non-commercial)
  • type of members (full members, candidates)

The AIOD has the following stakeholders:

  • Central Bank of RA
  • The Ministry of Economy of RA and other governmental institutions
  • Development Institutions (WB, IFC, EBRD, OSCE, GIZ, USAID and etc.)
  • Professional unions and associations, particularly the Association of Accountants and Auditors of Armenia, the Institute of Internal Auditors,
  • Corporate Governance Centre Foundation
  • Investors / shareholders of Armenian companies
  • Higher education institutions
  • Directors (executive and non-executive / independent )
  • Stock Exchange
  • Governmental institutions
  • Listed companies
  • SMEs
  • Family companies
  • Non-commercial companies
  • Mass media.

The Services and Activities provided by the Institute

Education, training, awareness events

The Institute as an organization with an educational mission, carries out educational, awareness-raising activities that include organization of trainings, retraining courses, seminars, round tables, workshops, conferences and other events.

The Institute independently, as well as in collaboration with other organizations organizes an educational, training and awareness raising events as part of its mission and goals.

Institutes’ educational, training and awareness-raising events can be organized as for the specific group of people (executive and non-executive directors, corporate secretaries, compliance personnel, lawyers, etc., ) as having thematic nature.

The educational, training and awareness-raising events are involved with national and international experts.

A source for the educational programs of the Institute is Global Corporate Governance Forum Board Leadership Training Resource Kit, Corporate Secretaries Toolkit), as well as literature and materials on corporate governance published by IFC.

The Training and Education Committee on a regular basis explores the needs of stakeholders, in order to organize and hold thematic events of their interest. The Training and Education Committee follows the offers of training courses and educational programs of international organizations, in order to harmonize them with the educational programs and training courses of the Institute.

The Institute plans to introduce a directors certification system in 2017 through the development of appropriate educational programs and examinations, as well as mechanisms to ensure continuing education of its members.

Policy and Advocacy

The institute plans to secure its direct involvement in the processing of Armenia’s economic development policy, its discussions and modifications. The Institute sees its role in this area as follows: to contribute the solving of the problems inherent in the economic and business environment, through cooperation with the competent authorities and making suggestions.

The Institute’s website will serve to identity common problems of the members of the Institute and ways of their solution, where the forum will be a platform of discovery, discussion of issues, submission of proposals and for raising its public awareness.

The Institute plans to process and publish a quarterly newsletter, which will serve to provide a modern and up-to-date information about corporate governance mechanisms and its possible changes to the members of the Institute.

Advisory Services, Research and Publications

The Institute can guide its members to solve possible problems if necessary. The Institute plans to provide this service from 2017 and encourages voluntary contributions of its members. The Institute pays special attention to implementation of scientific, research and analytical programs. As a separate direction of activity is considered the preparation and publication of the professional literature, as well as the corporate documents of the companies, the translation and publication of international corporate governance standards.

The Institute could also consider providing professional/expert opinion about corporate governance issues in courts.

The Management System of the Institute

The Board

The board performs the functions of the management supreme body during the period between general meetings. The Board leads the Management system of the Institute and makes decisions on strategic management issues.

The Board supports and monitors the activities of the executive body of the Institute in order to implement its strategy .

Committees of the AIOD

In order to improve the efficiency of the activities of the Board of the Institute, the Board forms committees, that focus on a specific areas of activity, sectors andissues.

The Board forms the following committees:

  • Policy and Advocacy committee
  • The Education and Training Committee
  • The Marketing and Membership Committee

Principles for AIOD Committees

  • Committee members do not need to be board members
  • Each committee must have at least one board member
  • The chairman of the board can’t be a chairman of the committee
  • A member can only be a chairman of one committee
  • A committee member does not need to be a board member but need to be a member of the AIOD
  • A member can’t be on more than 2 committees excluding the committee that is formed for a special case
  • A report by each committee should be made to the board on a regular basis (at least once every 6 months).

The activities of the Committee are regulated by internal regulations of the Institute.

The Policy and Advocacy committee

A Policy and Advocacy Committee is responsible for work with main stakeholders and AIOD members to strengthen AIOD’s advocacy and policy. The main functions of The Policy and Advocacy Committee are:

  • Providing guidance and advice to the main external stakeholders strategies
  • Forming a position about the policies, as well as collaborating with AIOD Committees and working groups on policy and research priorities.
  • Analysis of and engagement with government on policy issues related to development of business activity in Armenia.
  • Collaborating with other AIOD committees and providing input and advice on advocacy strategies and public campaigning.
  • Preparing Committee reports and representing to the Board.

The Education and Training (hereinafter Educational) Committee

The Education Committee is responsible for the development of skills, abilities, experiences of the directors through teaching and coverage of best practice in corporate governance. The main functions of the Education Committee are:

  1. Preparation of the recommendations on the main directions of the trainings and awareness raising events of the Institute by assessing the needs of stakeholders and representation to the Board for approval.
  2. Processing plan and budget of the annual educational programs, training and awareness activities events of the institute and representation to the Board for approval.
  3. Development of the educational programs, materials, and definition of the fees
  4. Definition of the place and date of the educational, training and awareness events
  5. Selection of trainers and assessment of course, its program and materials
  6. Elaboration of the marketing materials of the educational, training and awareness events
  7. Cooperating with local and international educational centres/organizations
  8. Organizing assessment of the educational, training events by its participants and representation to the Board
  9. Preparing Committee reports and representing to the Board.

The Marketing and Membership Committee

The Marketing and Membership Committee is responsible for strengthening the market positions of the Institute, ensuring communication with stakeholders, monitoring issues related to sponsorship and membership. The main functions of the Marketing and Membership Committee are:

  1. Development of the marketing and advertising policies of the Institute and representation to the Board for approval
  2. Management of procedures of membership of the Institute, including contribution of the establishment of membership regulations, and set up a register of members
  3. Set a target indicator of a Membership and sponsorship and representation to the Board for approval
  4. to provide communication with the stakeholders of the Institution
  5. Survey on the satisfaction from the membership and representation of the results to the Board
  6. content service for the Institute web site
  7. establishment of Membership and sponsorship benefits (discounts) package and representation to the Board for approval
  8. Development of marketing materials and media coverage of the events of Institute’s activities (presentations, press conferences, etc.) in association with the Executive Director, preparation of the budget and representation to the Board for approval
  9. Preparing Committee reports and representing to the Board.

The Executive Committee

The Institute may set up an Executive Committee that carries out the current collective management of the Institute, except the issues that are under the exclusive jurisdiction of the General Meeting, Board and its Committees.

At the moment the management of the Institute’s current activities are carried out solely by the Executive Director.

Executive Director

The management of the Institute’s current activities are carried out solely by the Executive Director, who is appointed by the Board and is accountable to it.

The Executive Director should possess:

  1. 7-10 years management experience
  2. Economic, finance, law, business qualification
  3. Interpersonal skills
  4. Communication skills

The activities of the Executive Director are:

  1. Office administration
  2. Support to Members on issues regarding their rights and responsibilities
  3. Support to the Board and committees on issues regarding their activities
  4. Communications with main stakeholders
  5. Administration of events stemming from the Institute charter objectives and strategic plan,
  6. Development of the Annual program of the Institute, preparation of the annual budget (cost estimates) and representation to the Board.
  7. Preparation of the annual and interim reports of the Institute and submission to the Board.

Processing and approval of orders, instructions, procedures, methodological instructions and other working documents of the Institute’s current activities, except the documents that are subject for the approval of the General Meeting and the Board of the Institute in accordance with the legislation of RA, the Charter and internal regulations of the Institute.

AIOD reporting system

The Board is accountable to the members of the Institute.

The reports about Institutes activities are disclosed:

  • During the General Meeting,
  • By the company’s web site,
  • On members’ request.

Institute Committees are accountable to the Board. Committees report to the Board,

  • On bi-annual basis, not later than 7 calendar days after the end of the reporting period.
  • As a result of a specific event, not later than 7 calendar days after its end.

Executive Director of the Institute is accountable to the General Meeting and the Board. Executive Director reports to the Board:

  • Quarterly report after the end of the reporting period within 20 calendar days.
  • An annual report after the end of the reporting period within 60 calendar days.

Risk Management

When planning an event the Institute highlights the manageability of potential risks.

The main risk issues for the AIOD are:

  • No demand for services or overestimated demand
  • Financial stability
  • Operational problems
  • Lack of management skills
  • The influence of important people
  • Not effective marketing
  • Adverse media reports
  • Change in support
  • Retaining members, etc.

The Institute manages its risks by evaluating the likelihood and impact of these factors.

AIOD sources of financing

The sources of Institute’s funding are:

  • Membership fees
  • Funds from sponsorship.
  • Grants.
  • Donations, etc.

In order to manage its financial resources the Institute is guided by an annual budget (annual cost estimates) and its performance that is developed by the Chief executive officer and approved by the Board of the Institute.

[/su_tab] [su_tab title=”Management”][su_accordion] [su_spoiler title=”Board” open=”yes”] Konstantin Saroyan

Mr. Saroyan started his career in 1999, heading marketing, HR, strategic planning, business development departments in a number of Armenian banks, as well as clearing and settlement department of Central Depository of Armenia.
In 2004 – 2011 Mr. Saroyan acted as Head of Internal Audit, and afterwards as Member of Management Board in “Armswissbank” CJSC.
In 2011 – 2017 joined NASDAQ OMX Armenia as Chief Executive Officer, leading the company’s strategic and operational management and implementing a range of innovations, related to modernization of Armenian securities market infrastructure.
In 2016, Mr. Saroyan became a board member and then in 2017 became a Secretary General at Federation of Euro-Asian Stock Exchanges/FEAS.
Meanwhile, Mr. Saroyan is involved in senior management of various local and international organizations. He is a Chairman at Armenian Institute of Independent Directors, Co-Chairman of Investment Bankers Club and a board member at the Fund for Rural Economic Development in Armenia (FREDA).
Mr. Saroyan attended various seminars and trainings, both local and abroad. He has been a part of several Working groups of USAID, UNDP, OECD and other international organizations as an expert of capital market.
Mr. Saroyan holds Doctor of Economics degree and is currently teaching in French University of Armenia Foundation.

Aharon Chilingaryan


Aharon Chilingaryan is a specialist in finance, accounting, tax, banking regulatory and investment affairs. He graduated from the Yerevan State Economic University and received a two-year degree in the field of Law. During his work he had the opportunity to enhance his professional knowledge and experience in many countries and in different forums and well-known organizations.
Work experience consists of public and private, scientific and educational spheres, including the State Tax Service, the National Statistical Service, the Central Bank of Armenia, Special Pure Chemical R&D Enterprise at the Yerevan Lamp Factory, KPMG Armenia, “Paradigma Armenia” consulting and research company (currently works as founder-director).
Teaching experience includes various formats, currently at the Master’s Program at the French University in Armenia.
Professional network membership includes the Association of Accountants and Auditors of Armenia, The union of manufacturers and businessmen of Armenia, etc. In 2015 Mr. Chilingaryan has been elected as member of the Board and Chairman of the Armenian Institute of Directors.

Tigran Karapetyan


Tigran Karapetyan has broad investment advisory experience with focus on M&A, Investment Management, Capital Markets and Corporate Governance. He has over 20 years experience advising public and private institutions and individuals on a variety of legal and business matters, such as corporate law, finance and governance, private equity investments and venture capital, valuation, investment management and regulatory issues. He is a Chairman of the Corporate Governance Center, which conducts corporate governance services in Armenia. He is also a founder of Capital Investments & Asset Management, a group of companies that are providing investment services, managing the investment and pension funds.

Mr. Karapetyan is a member of the Financial Times Non-Executive Directors’ Club; he has PhD in Economics from Armenian Economic Research Institute and was visiting fellow at Cambridge University (UK) in the field of Corporate Finance. He also has over 15 years experience in teaching, and currently is lecturing at Yerevan State University.

Sona Hovhannisyan


Sona Hovhannisyan is a Finance, Management, Strategy and Business Development professional with 20 years of proven successful experience in Consulting, Financial Management, Business Management, Strategic Planning, Forecasting, Risk Management, Budgeting, Financial Analysis and other sectors.
Her current roles include Business Development Director Effect Group CJSC, Business Consultant and Trainer at Management Mix Consulting and Training Company.

Samvel Mkhitaryan


Mr. Samvel A. Mkhitaryan is a highly qualified professional with intensive and wide experience and proven record in engineering, innovations, R&D and production of various scientific and applied devices, information analytics and recording systems; capital markets and stock exchange activities; financial markets infrastructure and banking/lending; SME, business and community development and consulting; higher, public and professional education and capacity building.
Mr. Mkhitaryan holds a Ph.D. in Technical Sciences granted in 1984 by USSR Higher Scientific Certification Commission, Moscow. Before that he took his postgraduate research courses at the Institute of Physics of the Earth (IPE) of the SU Academy of Sciences and specialized in the R&D of Scientific and Geophysical Devices. Mr. Mkhitaryan received also a MPA degree in 1979 from the State University of Public Sciences of ML specializing in Management of Enterprises, as well as a MS degree in Engineering and Electronics in 1973 from the Armenian State Engineering University. Additionally, Mr. Mkhitaryan during 1998 – 2016 attended and passed about 100 professional trainings, fellowships and qualification programs in Armenia, US, RF, Poland, Georgia, etc. provided by more than 20 local and international professional capacity building organizations in areas of financial/securities markets institutions, instruments and activities; forex market analyses, trading and management; project management and administration; business ethics and corporate governance; strategic, business and financial planning and management; innovations, business/SMB establishment, financing, development and management; higher education management and quality assurance, and etc.
Mr. Mkhitaryan created his intensive and wide professional experience in various leading and well known scientific, R&D, consulting, educational and financial organizations, governmental institutions, NGOs, foundations and local and international development programs serving as a CEO of different organizations, manager of various units, programs and components, team leader, scientist, consultant, trainer and lecturer. Significant fields of his experience were innovations, engineering, electronics, R&D, financial/securities markets and stock exchange activities, SME and business financing and development, public administration, corporate governance, higher education and civil society development.
Mr. Mkhitaryan initiated, led and/or actively participated in establishment of different organizations, design and production of various scientific and applied devices, introduction of different educational programs, creation of several financial products and services. Along with his active professional involvement locally and internationally, he authored and co-authored about 60 copyrights of patents on inventions, scientific articles, analytical and recommendation reports, manuals, guides and directories on electronics, scientific devices, information analytics and recording systems, securities markets, finance, investments, SMB and community development, higher education, quality assurance, taxes, etc., published in SU, US, RF, EU and Armenian scientific magazines and publications. Mr. Mkhitaryan also has organized, conducted and attended various international and local forums, conferences, expeditions and so on in finance, securities markets, corporate governance, investment, banking, loans, SME and community development, scientific devices, electronics, seismology, higher and professional education, etc.

Artur Harutyunyan


Artur Harutyunyan has about 20 years of experience in the accounting and consulting area, the private and public sectors, as well as in teaching in different universities and professional teaching organizations. He graduated from the Yerevan National Economics Institute (1995) and from the School of Public Administration of the Republic of Armenia (1998).
Starting from 2002 he has been the Chairman of Education and Certification Committee of Association of Accountants and Auditors of Armenia (AAAA), and reelected several times as a Board Member of AAAA (starting from 2014 – Vice President of AAAA). He has been the core team member in the Steering Committee on Accounting and Audit Regulation Reforms in Armenia that has been launched by Prime Minister of Armenia in 2008.
Artur Harutyunyan was also involved in Official translation of International Financial Reporting Standards (IFRSs) and subsequent amendments of IFRSs’ into Armenian as IFRS Translation Review Committee Expert, Head of Review Committee Subgroup. He has been the author of the new chart of accounts for the entities implementing IFRSs and the chart of accounts for SMEs’ implementing IFRS for SMEs’.
He was actively involved in the Accounting and Auditing reforms in Armenia as the Head of Accounting and Audit Methodology department in the Ministry of Finance and Economy of RA in 1998-2003. In this position he undertook development and drafting policy papers, Government Decrees regulating the reformation processes and schedules, Laws on Accounting and on Auditing subsequent reviews and amendments in the mentioned and other appropriate laws and regulations, development of Accounting Standards of the Republic of Armenia (ASRAs) based on IASs, organization of the pilot implementation of ASRAs, new chart of accounts and new forms of financial statements in several selected state-owned enterprises and monitoring of the results. During these years he was involved in process of licensing of Auditing firms and in process of accountants qualification – developing and setting policies and procedures, including examination programs and questionnaires.
Starting from 2006, Artur Harutyunyan holds the position of Managing Partner at AN Audit CJSC, an Armenian audit and accounting firm, which provides accounting, advisory and assurance services to private and public sector companies in the Republic of Armenia and abroad.
In 2015, Artur Harutyunyan has been elected as a board member of the Armenian Institute of Directors Non-Governmental Organization.

Misak Babajanyan


Misak Babajanyan is the Managing Partner of TK & Partners CJSC law firm, as well as the member of the board of directors of Capital Asset Management CJSC. He has over 10 years of experience of legal advice to Central Bank of Armenia, publicly and privately held corporations and financial institutions and 2 years of experience in the insurance industry. He led and participated in the teams of legal counsels drafting laws and regulations of the Republic of Armenia on corporate governance in commercial banks, establishment of unified financial regulation and supervision system, deposit guarantee system, CMTPL system, securities market, insurance activities, collection activities, investment funds, pension system, consumer protection, etc.
Misak Babajanyan holds PhD in law since 2007 and teaches company law at French University in Armenia. He is also a member of Armenian Chamber of Advocates and Arbitrator’s Association of Armenia.

Hasmik Sahakyan


Hasmik Sahakyan has been the Executive Director of ‘International Accountancy Training Centre’ Educational Fund since its establishment in Yerevan in 1998 with funding from the European Union’s TACIS aid program. Over these years, she has been responsible for the overall management of business activities, HR management and development, marketing, fund raising, launching new educational programs, designing and administering training tailored to business development needs in the SME sector, elaboration of different training and development projects for unemployed women, refugees and regional SMEs.

Prior to joining ‘International Accountancy Training Centre’, Hasmik worked for Yerevan State University, Faculty of Economics as a Lecturer of Mathematical Modeling and Economics. During 1993-1999 she was also one of the active members of international youth organization AIESEC, where she held the position of AIESEC YSU President in 1996-1998.

In 2012-2013 Ms. Sahakyan initiated an eight-month project called ‘Women Empowerment through Professional Training’. It focused on enhancing women’s role in the society by providing them with state of the art professional knowledge and assistance towards further successful employment.

In October 2015, after her IVLP project ‘Women and Entrepreneurship’ in the US, Ms. Sahakyan founded a new entity ‘Women and Youth Development and Support Centre’ social enterprise, which provides services and consultation to women and youth in order to contribute to problem solution, further enhancement of employment and support of small and medium-sized enterprises.

In 2016, she received RA Prime Minister’s Award in the nomination of ‘The Best Business Women Innovator’. She speaks Armenian, English and Russian. A mother of two, Hasmik enjoys contributing to make the world a little bit better.

Since May 2016 Ms. Sahakyan is a member of the Armenian Institute of Directors, since May 2017 – member of the Board of Directors of Armenian Institute of Directors and the Board’s Marketing and Membership Committee.

Khachatur Tsokolakyan


Khachatur Tsokolakyan is an expert in the field of finance, banking and accounting. He is a Finance graduate from the Yerevan National Economics Institute and holds an MBA from the Old Dominion University, Norfolk, VA, USA.

Earlier in his career, he held different positions at the Central bank of Armenia and commercial banks in Armenia. Mr. Tsokolakyan also headed Financial Banking College Foundation and consulted for Armenian Credit Reporting Agency (ACRA) and Belgium ADE consulting company in Armenia. Throughout his career, he actively pursued teaching opportunities and gained instructing experience of over 15 years, including Financial Banking College, French University of Armenia, International Accounting Training Center, Business Support Center and American University of Armenia
Since 2011 he also sits on the Board ofDirectors at SEF International UCO LLC.

By the decision of founding meeting of the Armenian Institute of Directors Non-Governmental Organization (AIOD) as of April 15, 2015, Khachatur Tsokolakyan has been elected as a director of AIOD.

[/su_spoiler] [su_spoiler title=”Committees”] The marketing and membership committee

The marketing and membership committee is responsible for strengthening the market positions of the Institute, ensuring communication with stakeholders, monitoring issues related to sponsorship and membership.
The committee members are:
Misak Babajanyan
Hayk Voskanyan
Ashot Abrahamyan


The Education and Training Committee

The Education and Training Committee is responsible for the development of skills, abilities, experience of the directors through teaching and coverage of best practice in corporate governance.
The committee members are:
Narine Melikyan
Samvel Mkhitaryan
Artur Harutyunyan


The Policy and Advocacy Committee

The Policy and Advocacy Committee is responsible for the work with main stakeholders and Institute members to strengthen Institute’s advocacy and policy.
The committee members are:
Aharon Chilingaryan
Tigran Karapetyan
Artashes Tonoyan


[/su_spoiler] [su_spoiler title=”Director”] Varoujan Avedikian

Varoujan Avedikian works as Managing Partner at TK & Partners Law Firm since 2018. He was the General Counsel of the Central Bank of Armenia for 12 years. He has more than two decades of experience under his belt in banking, capital markets and insurance law, as well as financial regulation and public policy. At the Central Bank, he spearheaded an impressive number of far-reaching and established reforms within Armenia’s financial sector (inter alia authorization and enforcement, corporate governance, consumer protection, deposit insurance, pension reform, investment banking services, insolvency, secured transactions, derivatives).

During his relatively long career, Varoujan has authored and co-authored more than a dozen laws that have significantly raised the quality of both financial regulation and private transactions in Armenia’s financial markets. Currently, he holds the position of Executive Director of the Armenian Institute of Directors.

Varoujan’s practice areas are Corporate, Commercial and Financial Transactions, Corporate Restructuring, M&A, Business and Financial Regulation, Venture and Private Equity Financing.

Varoujan has been an adjunct professor of business and financial law at the French University in Armenia and is extremely proud of his about 1000-member strong former students’ cohort, many of whom have become his colleagues and prominent members of Armenia’s legal community. In addition to teaching law, he also teaches Adaptive Leadership in various forums.

Varoujan is a graduate of Harvard Kennedy School (MPA), Boston University (LL.M.), University of Leicester (LL.M.) and University of Nicosia (BA). [/su_spoiler] [/su_tab] [/su_tabs]